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Natural gas storage builds well above expectations, prices get slammed

Working gas in storage was 2,252 Bcf as of Friday, May 31, according to EIA estimates. This represents a net change of +111 Bcf, well above analyst estimates of ~=90 Bcf. As a result, Natural gas futures on NYMEX dropped nearly 4% Thursday morning to $3.85. Here's the details courtesy EIA: [table] [attr style="width: 25%"]`[attr style="width: 25%"]May 31`[attr style="width: 25%"]May 24`[attr style="width: [Read more]

Offshore oil regulators defy environment commissioner’s advice for Newfoundland

  By Heather Scoffield OTTAWA - Oil and gas regulators in Newfoundland have done exactly what the federal environment commissioner told them not to do: issued a call for bids to explore parts of the Gulf of St. Lawrence several months before a key environmental assessment has concluded. The commissioner, who audits government operations for their environmental performance, warned the Canada-Newfoundland Offshore Petroleum Board earlier this year to make sure strategic environmental [Read more]

Oil rises as US supplies of oil, gasoline drop

  NEW YORK - The price of oil rose Wednesday as a big drop in U.S. oil supplies offset concerns about a plunge in the stock market.Benchmark oil for July delivery rose 43 cents to close at $93.74 a barrel on the New York Mercantile Exchange.The price rose as high as $94.48 a barrel immediately after the Energy Department said U.S. crude oil inventories shrank by 6.3 million barrels in the week ended May 31, thanks to a sharp drop in imports. Analysts expected a drop of 1 million barrels. [Read more]

“I’m confident it will go”; Enbridge CEO ready to work with B.C. on pipeline

  By Bill Graveland CALGARY - The CEO of Enbridge Inc. said Wednesday he's willing to work with the B.C. government to allay doubts it has about the safety of the proposed $6-billion Northern Gateway pipeline.The province officially declared opposition to pipeline last week, telling a federal review panel the project shouldn't go ahead because there are too many unanswered questions about how Calgary-based Enbridge (TSX:ENB) would respond to a spill."I don't view it as a blow," [Read more]

CAPP sees Canadian crude oil production more than doubling by 2030

  By Lauren Krugel CALGARY - A major oil and gas lobby group expects Canada's crude oil production to grow at a faster clip than previously forecast, despite uncertainty around new pipelines to bring that product to market. In its annual oil forecast, the Canadian Association of Petroleum Producers said it expects crude oil output to hit 6.7 million barrels per day by 2030, up from 3.2 million last year. That's 500,000 barrels per day more than the group called for in its 2012 [Read more]

Penn West cuts dividend, staff, replaces CEO in major shakeup

  CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says it will be reducing staffing levels by 10 per cent, installing a new president and chief executive officer and cutting its quarterly dividend by half while it undergoes a strategic review.Investors responded by pushing up the company's stock to its highest price since hitting a 52-week low in mid-April, although it's worth about 27 per cent less than the high set last September.The Calgary-based company didn't say specifically how many [Read more]

Alberta First Nation loses B.C. gas sale suit

  VANCOUVER - Members of an Alberta First Nation lost their bid to stop the sale of oil and gas tenure in neighbouring British Columbia, but they did win a warning from the judge that they must be consulted.A B.C. Supreme Court judge found that the Dene Tha have been properly consulted on the B.C. government's sale of exploration rights on 21 parcels of land, most for shale gas development in northeastern B.C.But in his written judgment posted on the court website today, Justice [Read more]

Billionaire Democrat vows to block Keystone

  WASHINGTON - A San Francisco billionaire — a friend to Barack Obama and a major Democratic financier — is embarking on a mission to block TransCanada's proposed Keystone XL pipeline by targeting voters who cast ballots for the president in last year's election.In an open letter to Obama, written by Tom Steyer just two months after hosting the president at his home, the climate-change activist says his political action committee, NextGen Action, is launching a campaign to "intensify our [Read more]

Mountain view from Calgary to get even better with opening of new office tower

  CALGARY - Fireworks and First Nations dancers were to be part of a lavish ceremony Tuesday to mark the official opening of the largest office building in Calgary and the tallest building west of Toronto. The 58-storey Bow Building was ranked in the top 10 architectural projects of 2012. Work on the structure started in June 2007, and the final cost came in at $1.4 billion. The Bow will house the headquarters for energy giants Encana and Cenovus, among other [Read more]

Offshore BC oil spill equipment obsolete: audit

  VANCOUVER - Internal government audits of the Canadian Coast Guard's capacity to monitor and respond to a marine oil spill found a system that was outdated, disorganized and in need of an overhaul. But many of the substantial recommendations in the reports have languished, despite pressure on Ottawa to deal with concerns over a potential increase in oil tanker traffic off the British Columbia coast. Two 2010 audits "each found a number of significant deficiencies in the program's [Read more]